There have been some fluctuations in our real estate market the last few weeks. After a spring and summer where it seemed as though every week was an improvement on the last, we finally had one bad week at the beginning of August (with the BC Day long weekend).
It looked like an anomally, as that week weak was followed by the best week of the year. We then saw two weeks that were mirror images of one another. They were strong, but weaker than the best week of the year (August 10th – 16th). And now we have the fifth week in that series and we can see that the first week of September was a solid one, but that while listings are staying strong, sales are slipping.
New Listings – Vancouver
For the first time in three weeks, New Listings rose. While there were 363 New Listings the previous week, this past week there were 367. This, of course, was only a very slight rise of just +1.1%.
Home Sales – Vancouver
We had a -10% drop in Sales this past week. This was the third week in a row that Sales dropped. There were 290 Sales the week before and just 261 this past week.
Sell/List Ratio – Vancouver
With falling Sales and rising New Listings, the Sell/List ratio fell once more. This week it was off -8.77 to 71.12% from 79.89% the week before.
Price Change – Vancouver
Price changes fell slightly (-6.06%) to 93 from 99 the week before.
Active Listings – Vancouver
Despite New Listings rising and Sales dropping, the Active Listings (inventory) continues to fall. After only very slight drops the last few weeks, we saw a more significant drop of -2.81% this past week. There were only 3006 Active Listings this past week down from 3093. Obviously, this is another new annual low.
The Bottom Line
Sales typically drop off from the end of summer until the end of the year. However, we also tend to see inventory build. This year appears to be unusual with the amount of Sales taking place but more specifically, how little inventory there is available. With demand continuing, and supply limited, I suspect we shall continue to see upward pressure on Vancouver real estate prices.
More Info on Vancouver Real Estate
If you’d like to learn more about the Vancouver real estate market generally you can check out this page.
Considering buying or selling, or maybe you just have questions? Feel free to contact me here or send me a quick email.
Copyright © 2009 Vancouver MLS Statistics in the Vancouver Realtor Blogby Sebastian Albrecht, Vancouver Realtor with Royal LePage Vancouver”Weekly Vancouver Real Estate Update – August 31st 2009 – Sales Slide but Inventory at Record Low”
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